Completes First Phase of JV Deep Drilling at Douay and Joutel
PRESS RELEASE
April
27
,
20
2
3
MAPLE GOLD
COMPLETES FIRST PHASE OF JV DEEP DRILLING AT DOUAY
AND JOUTEL
Vancouver, BC
–
(
Newsfile
Corp.
–
April
27
,
202
3
)
–
Maple Gold Mines Ltd. (TSX
-
V: MGM)
(OTCQB: MGMLF) (FSE: M3G)
("
Maple Gold
" or
the "
Company
")
is pleased to
announce
the complet
ion
of
the first phase of deep
drilling at
the Company’
s
Douay and Joutel
Gold
Pro
jects (
"
Douay
"
and
"
Joutel
"
, respectively)
located in Quebec, Canada
, which are held by a
50/50 joint venture
(
the
"
JV
"
) between the Company and Agnico Eagle Mines Limited.
The JV
completed m
ore than 13,100 metres (
"
m
"
) of drilling
across Douay and Joutel
prior to
winter
break
-
up
.
Deep Drilling
Program Summary and
Observations:
In the Telbel mine area at Joutel, t
he JV
drilled
a
total of
7,3
43
m
in
three (3) master
drill holes and
f
our
(
4
)
successful
wedge
drill holes
.
All
Telbel
drill holes intersected
broad
zones of semi
-
massive to massive sul
f
ide
mineralization.
Drill hole TB
-
2
2
-
003
and its associated wedges
intersected t
hree
mineralized zones
and
bottom
ed
in mineralization
,
with sphalerite
observed in drill core
and elevated zinc
values
observed
via
p
XRF analysis
at site
(
see Fig
ure
1
and
Plate
1
).
At Douay, t
he JV drilled a
total of
5,792 m
in
five (
5
)
drill
holes
t
esting be
neath
the Douay
West, Porphyry
, Central
and 531 Zones
,
as well as one
(1) shallow
NW
Zone step
-
out
hole
(see Fig
ure
2
).
The most compelling v
isual core observations
at Douay
were
in the final hole (DO
-
23
-
326
X
)
, collared
near
the
Central Zone
a
nd extending
beneath
the
Porphyry Zone at
depth
), w
ith
significant
alteration,
deformation,
and mineralization (abundant fine
-
grained pyrite) from
approximately
85
0 m to 1,
40
0 m
down
-
hole
(see
Fig
ure
3
and
Plates
2
&
3
).
“
Early indications from the
JV’s
first phase of
deep drilling are encouraging,
particularly
at
Telbel with
the
upper mineralized zones in TB
-
22
-
003
,
which are
well north of the main Mine
Horizon
,
and the fact that
both TB
-
2
3
-
001W1 and TB
-
23
-
003W2
interse
cted
the down
-
dip
continuity of the sulfide
-
rich main Mine Horizon
,”
stated
Matthew Hornor, President
and CEO
of Maple Gold
.
“
Sphalerite is a key indicator of VMS style
of
mineralizatio
n
, and
w
e look forward
to the gold and multi
-
element assay results from
these holes with the aim of
vector
ing
towards
a significant
mineralized
zone at depth.
At Douay
, we are also
excited
by what we’ve
observed
in the
drill
core beneath the Porphyry
Zone
and
look forward to the assay results and valuable
data that this first phase of deep drilling will generate.”
The Company
has completed
final core splitting a
nd
has sent
final sample shipments to the
lab. Assay results are expected
in Q2 2023
and will be re
ported once they are vetted and
2
interpreted. The Company has
identified
additional targets that were previously permitted and
approved for drilling
at
Douay but
will wait on the
additional
assay results and
internal 3D
model
updates before commencing the next phases of drilling at Douay/Joutel
,
as any successes
from the
first phase of
deep drilling could significantly impact target priorities
and corresponding
JV capital allocation.
Figure 1
:
Section view showing mast
er and wedge traces for two
(
2
)
of the three
(
3
)
drill holes
targeting gold mineralization below previous mine workings at Telbel. Note intervals of semi
-
massive
to massive sul
f
ide
mineralization
highlighted in red (
a 3
rd
Telbel drill hole
is
located to the
southeast
and not shown on this section).
3
Plate
1:
Drill core images of TB
-
23
-
003W2 with pyrite bands in mixed tuff
-
sediments (left) and pyrite
bands at
~
2,10
0
m
down hole
that
appear to contain
sphalerite
and
anomalous
zinc values
as per
visual observations and
pXRF readings
.
Figure
2
:
Plan view showing completed
2023
drill traces at Douay.
Note DO
-
23
-
332 was drilled to
~1,500 m but appears shorter due to
sub
vertical inclination. Two additional deep drill holes were
permitted and approved for drilling and will be considered for drilling
later in 2023.
4
Figure 3:
Cross
-
section showing DO
-
23
-
326X extension drill hole
containing a
broad mineralized
interval with significant pyrite mineralization from ~850 m to 1,400 m down hole
, overlapping the Casa
Berardi North Fault
(see
Plates
2 and
3).
Plate
2:
Drill hole DO
-
23
-
326W1 showing
sharp contact at ~1,360 m between sheared basalt and
feldspar porphyry; both lithologies are strongly altered by hematite, albite, K
-
feldspar, carbonate,
silica and sericite. Note
the
presence of
galena and
sphalerite in a flat fracture near the contact.
5
Plate
3
:
Drill
core from
DO
-
23
-
326
W1
showing
abundant pyrite in hematite
-
albite
-
carbonate
-
silica
altered feldspar porphyry (top image from 1,366 m, bottom from 1,369 m down hole
). Note
the
presence of
dark purple
fluorite and
pale grey
carbonatite
in
the bottom
image
.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared
under the supervision of Fred Speidel, M. Sc., P. Geo.,
Vice
-
President Exploration of Maple
Gold. Mr. Speidel is a Qualified Person under National Instrument 43
-
101 Standards of
Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration
information disclosed in this press rele
ase through his direct participation in the work.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture
with Agnico Eagle Mines Limited to jointly advance the district
-
scale Douay and Joutel gold
project
s located in Québec's prolific Abitibi Greenstone Gold Belt. The projects benefit from
exceptional infrastructure access and boast ~400 km
2
of highly prospective ground including
an established gold resource at Douay (SLR 2022) that holds significant expan
sion potential
as well as the past
-
producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the
Company holds an exclusive option to acquire 100% of the Eagle Mine Property.
The district
-
scale property package also hosts a significant number of
regional exploration
targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be
6
tested through drilling, making the project ripe for new gold and polymetallic discoveries. The
Company is well capitalized and is currently
focused on carrying out exploration and drill
programs to grow resources and make new discoveries to establish an exciting new gold
district in the heart of the Abitibi. For more information, please visit
www.maplegoldmines.com
.
ON BEHALF OF MAPLE GOLD MINES LTD.
"
Matthew Hornor
"
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
Executive Vice
-
President
Cell
:
778.686.6836
Email:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
Forward Looking Statements:
This
press
release contains
"
forward
-
looking information" and
"
forward
-
looking statements
"
(collectively referred to as
"
forward
-
looking statements
"
) within the meaning of applicable Canadian securities legislation in Canada, including statements
about
exploration work
and
results from current
and future
work programs
. Forward
-
looking statement
s are based on
assumptions, uncertainties and management
'
s best estimate of future events. Actual events or results could differ materially
from the Company
'
s expectations and projections. Investors are cautioned that forward
-
looking statements involve ris
ks and
uncertainties. Accordingly, readers should not place undue reliance on forward
-
looking statements. For a more detailed
discussion of such risks and other factors that could cause actual results to differ materially from those expressed or impli
ed
by
such forward
-
looking statements, refer to Maple Gold Mines Ltd.
'
s filings with Canadian securities regulators available on
www.sedar.com
or the Company
'
s website at
www.maplegoldmines.com
.
The Company does not intend, and expressly
disclaims any intention or obligation to, update or revise any forward
-
looking statements whether as a result of new
information,
future events or otherwise, except as required by law
.